US-based Vista Equity Partners is all set to buy 2.3 pc stakes in Jio Platforms to for Rs 11,367 crore. The equity valuation of the stakes will be Rs 4.91 trillion and enterprise value is pegged at Rs 5.16 trillion.
This is the third stake sale by RIL in Jio after Facebook and private equity (PE) Silver Lake having invested in two separate rounds.
The 2.3% stake sale is at a negligible premium to the Silver Lake deal where the PE fund had paid Rs 5,655.75 crore for a 1.15% stake. The Mark Zuckerberg company had paid Rs 43573.62 crore for a 9.99% stake.
The three global companies now own 13.4% stake in Jio Platforms. The three stake sales are part of RIL’s plan to be debt-free by March.
According to report, of the Rs 43,574 crore that it will receive from Facebook, Jio plans to use Rs 28,000 crore to redeem optionally convertible preference shares (OCPS) of its parent RIL and retain Rs 15,000 crore in its books.
The news of the deal sent the RIL share price spurting by 3% jump.
Reliance Jio Infocomm , which provides connectivity platform to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.